Wednesday, 24 August 2016
Last updated 5 hours ago
Mar 14 2013 | 10:40am ET
India’s Kotak Mahindra Bank has raised more than one-third of the US$250 million it hopes to garner for an infrastructure private equity fund.
The Mumbai-based bank said this week that it had raised US$90 million for the Core Infrastructure India Fund, which will invest in power, water, waste management and gas companies in the subcontinent. India’s government has said the country needs as much as US$1 trillion in infrastructure investments over the five years between April 2012 and March 2017.
Kotak’s Singapore unit will manage the new fund, which debuted in 2011.
Kotak itself has put up some of the fund’s initial capital, and has won commitments from a Brookfield Asset Management affiliate, Japan Bank for International Cooperation, Mitsui Banking Corp. and an unidentified insurance company, The Wall Street Journal reports.
Kotak said it hopes to raise a further US$160 million for the fund by next year.